Chelsea Building Society is a trading name of Yorkshire Building Society based in Bradford, West Yorkshire. Chelsea merged with the Yorkshire in 2010, at which point Chelsea was the fourth-largest building society in the United Kingdom with assets in excess of £13 billion. Chelsea has 35 branded branches, mainly in the southern areas of England with a large number in London.
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Overall representative example If you borrow £170,000 over a 25-year term at 1.75% p.a. (fixed) for 62 months reverting to 4.74% p.a. (variable) for the remaining term, you would make 62 monthly payments of £700.04 and 238 monthly payments of £912.95. The total payable would be £261,424.58, which includes interest of £90,685 and a product fee of £495. The overall cost for comparison is 3.6% APRC representative.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgages can I get with Chelsea Building Society?
Fixed rate Your interest rate will be locked for a set amount of time. After your fixed-rate period ends, you’ll be switched onto the lender’s standard variable rate.
Remortgages You can switch from your existing mortgage provider to Chelsea Building Society via one of its remortgage products.
Cashback With some Chelsea Building Society mortgages, you’ll receive a lump sum of cashback upon confirmation of your mortgage.
Tracker With a tracker mortgage, your interest rate will shift up and down in line with the Bank of England base rate.
Offset With an offset mortgage, you use your savings to offset the amount of your mortgage balance you pay interest on.
Buy-to-let A buy-to-let mortgage allows you to borrow money to buy an additional property and let it out.
How to apply
You can apply for a mortgage by calling 0345 1200 842 or by visiting thechelsea.co.uk.
What information is needed to apply?
You’ll need to supply personal details, employment history and financial details. The lender will want to see previous payslips and bank statements to back up this information. When you request a lending decision, your details will be verified with a credit reference agency. This won’t appear on your credit file, however.
Eligibility criteria
To get a mortgage from Chelsea Building Society, You need to be at least 18 years old and be a UK resident. Chelsea Building Society cannot accept applications if the mortgage term extends beyond your intended retirement date. The minimum loan term is five years, while the maximum term is 35 years.
Compare Chelsea Building Society using a mortgage broker.
There are huge benefits to choosing to use a mortgage broker to help you get the right deal. They will do all of the hard work and research for you. They are experts in comparing the hundreds of loans and lenders out in the market based on your individual needs and eligibility, so you won’t have to worry about being forced into a deal. Your broker will also negotiate with your chosen lender on your behalf to make sure you are getting the right deal for you.
L&C work with over 80 different mortgage lenders, including Chelsea Building Society, giving you a great opportunity to compare different mortgage deals in the market. To apply for a mortgage through L&C click the link below.
London and Country Mortgage Experts
L&C is a specialist broker offering mortgage comparison & free advice.
The finder.com mortgage service is provided by London & Country Mortgages (L&C). Beazer House, Lower Bristol Road, Bath BA2 3BA. L&C are authorised and regulated by the Financial Conduct Authority (reg no. 143002). Please note the FCA does not regulate most Buy to Let mortgages.
Frequently asked questions
Yes, you’ll have the right to repay the loan either partially or in full during the term.
Chelsea Building Society works out the minimum amount you can borrow using 3 criteria. For loan amounts less than or equal to 75% LTV, the minimum amount is £25,001, for loans greater than 75% LTV the minimum is £50,000 and for additional loans the minimum loan amount is £3,000.
If you’re yet to apply, you can call Chelsea Building Society on 0345 1200 842. If you’re an existing customer, then you can call 0345 166 9300 for general enquiries or 0345 166 9301 if you’re moving home.
You can expect a decision on your mortgage application within 10 minutes.
Find a mortgage using a broker to compare the market
Mojo Mortgages
The Mojo mortgage calculator compares rates in less than one minute. A free online mortgage broker.
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Matthew Boyle is a mortgages and home services publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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